GameStop reported fiscal Q4 and full-year 2025 results after the close on Tuesday, revealing a company that has undergone a dramatic financial transformation — sitting on a $9 billion cash fortress while booking Bitcoin on its balance sheet for the first time.
Q4 FY2025 Highlights (13 Weeks Ended January 31, 2026)
- Net sales: $1.104 billion, down 14% from $1.283 billion in the year-ago quarter
- Operating income: $135.2 million, up sharply from $79.8 million a year earlier
- GAAP net income: $127.9 million vs. $131.3 million
- Diluted EPS: $0.22 (vs. $0.29 prior year); consensus estimate was ~$0.30 — a miss
- Adjusted net income: $291.4 million — more than double the $136.4 million in Q4 FY2024
- Gross margin: expanded to 35.0% from 28.3%
Full Year FY2025 (52 Weeks Ended January 31, 2026)
- Net sales: $3.63 billion, down 5% from $3.82 billion in FY2024
- Operating income: $232.1 million — a swing from an operating loss of $26.2 million in FY2024
- Net income: $418.4 million, up 219% from $131.3 million in FY2024
- Diluted EPS: $0.77 (vs. $0.33)
The $9 Billion War Chest and Bitcoin
The most striking figure is the balance sheet. GameStop ended the quarter with $9.0 billion in cash, cash equivalents, and marketable securities — up from $4.8 billion a year earlier, nearly doubled.
The company now holds Bitcoin on its balance sheet: $368.4 million in Bitcoin and related receivables at quarter close. CEO Ryan Cohen is positioning GME’s enormous cash reserves beyond retail gaming — echoing MicroStrategy’s treasury strategy. Note that GAAP results include a $131.6 million full-year loss on digital assets. Excluding that and other items, adjusted net income for the full year reached $647.4 million.
Revenue Decline vs. Profitability Expansion
Sales fell 14% in Q4 and 5% for the full year as physical game retail continues to fade. Canada contributed zero revenue this quarter, suggesting a full market exit. Meanwhile, SG&A dropped from $282.5M to $241.5M in Q4, and gross margins expanded nearly 700 basis points. GameStop is now far more profitable on a smaller revenue base.
No Conference Call
GameStop will not hold a conference call for this release. Investors must consult the Form 10-K filed with the SEC.
Also After Hours: KB Home
KB Home (KBH) reported Q1 FY2026 results with revenues falling 23% to $1.08 billion. Diluted EPS of $0.52 matched the consensus estimate exactly, but is down from $1.49 a year ago. Housing gross profit margin fell to 15.3% from 20.2%. Management cited Middle East conflict uncertainty as a consumer headwind, but noted year-over-year net order growth.
Bottom Line
GME’s GAAP EPS of $0.22 missed the ~$0.30 estimate. But the broader picture: a swing from operating loss to $232M operating income, net profit up 219%, cash nearly doubled to $9 billion, and a Bitcoin treasury bet underway. The financial execution in FY2025 is harder to dismiss than the meme stock label suggests.
Sources: GameStop Corp. 8-K/EX-99.1 filed March 24, 2026 (SEC EDGAR); KB Home 8-K/EX-99.1 filed March 24, 2026 (SEC EDGAR).
